Matthews to sell grip biz

Phillips to buy outfit for $15 mil

Matthews Studio Group has announced plans to sell off its grip manufacturing subsidiary, a move the production equipment supplier says will enable it to focus entirely on its core rental business.

The Burbank-based company said it would sell manufacturing arm Matthews Studio Equipment Inc. for $15 million to parent company co-founder Edward Phillips. Phillips will head the new company, which is expected to retain its name. The split includes the transfer of all of Matthews’ shares of common stock in the subsidiary to Phillips in exchange for his 1.9 million shares of Matthews stock. Phillips will also assume $5 million of debt Matthews Group invested in the subsidiary. The deal is expected to be completed by the end of summer.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading